Real estate agents and loan officers share advice for navigating the current housing market

HAMPTON ROADS, Va. — If you want a home, now might be a good time to start the buying process. As of early February, mortgage rates were falling.

For those looking to buy a home, converting a for sale sign to a sold sign can be difficult, and the process can become even more difficult.

“Right now, the market is starting to pick up,” said broker and SLH real estate owner Stephen Harglow.

He said more people were buying and selling homes due to lower mortgage rates, meaning there was more competition for prospective buyers.

“You need to make sure that you have pre-approval from your lender to be prepared. You want to make sure that you have some kind of, you know, cash, funds that you need to pay yourself. ” Harglow emphasized. closing costs. Because with increased competition, sellers no longer need to support buyers with closing costs. ”

Hampton Roads home sales increased slightly from November to December 2023, with approximately 3,500 actively listed residential listings in December, according to the Real Estate Information Network.

Real estate information network

As of February 1, 2024, the average interest rates for 30-year fixed-rate mortgages and 15-year fixed-rate mortgages have decreased to 6.63% and 5.94%, respectively, according to Freddie Mac.

After rising for much of 2023 and hitting a 23-year high in October, 2024 will be the second time interest rates have fallen.

“Most people are more than capable of making mortgage payments,” said Pat Miller, a Southern Trust mortgage loan officer.

Miller says if you're looking to take out a loan to buy a home, you should start by contacting your loan officer to find out how much you're willing to spend on your monthly mortgage payment. Ta.

“That's where it starts,” Miller explained, “and that's the job of the loan officer to say to the customer, 'If you're OK with this monthly mortgage payment, we'll take it.' That's the advice I give,” he explained.

As of February 5, Southern Trust Mortgage is also offering Federal Home Loan Bank subsidies to buyers.

“We have $12,500 in grants available for first-time homebuyers, $15,000 grants for veterans and first responders, It doesn’t have to be someone who buys it,” Miller said. “It’s a great way for clients to make a down payment and cover closing costs.”

Asked if he expected the economy to recover as mortgage rates continue to fall, he said the economy is already recovering.

“In January, Southern Trust Mortgage Co. received more applications than any other month in 2023,” Miller said.

Another sign may be that it's time to enter the housing market.